BEDFORD, Mass., Nov. 23, 2004 /PRNewswire-FirstCall/ -- Hologic, Inc. (NASDAQ: HOLX), a leading provider of women's diagnostic imaging systems and state-of-the-art digital imaging systems, and iCAD, Inc. (NASDAQ: ICAD), today announced a private label agreement to produce and market film- based Computer Aided Detection (CAD) systems. Under the agreement, iCAD will manufacture film-based CAD systems for Hologic targeted to serve lower case- volume mammography clinics. The companies estimate that these clinics comprise over half the potential market for breast cancer analog CAD products.
"By combining Hologic's film based analog mammography systems with the iCAD technology, we believe we can provide even more physicians with advanced systems in the quest for early breast cancer detection," said Jack Cumming, Hologic's Chairman and CEO. "Early detection can significantly improve a woman's chance of surviving breast cancer and we remain passionately committed to improving women's healthcare by providing a comprehensive portfolio of tools and innovations to aid in early detection."
"iCAD's innovative designs allows the company to provide computer aided detection solutions that are increasingly affordable to the large number of women's health centers and clinics performing less than 20 mammography cases per day," said W. Scott Parr, President and Chief Executive Officer of iCAD, Inc. "This agreement reflects our continued efforts to make CAD accessible to all women concerned with the risk of breast cancer."
Hologic Inc. is a leading developer, manufacturer and supplier of medical imaging systems dedicated to serving the healthcare needs of women, and a leading developer of state-of-the-art digital imaging technology for general radiography and mammography applications. Hologic's core business units are focused on osteoporosis assessment, mammography and breast biopsy, direct-to- digital X-ray for general radiography applications and mini C-arm imaging for orthopedic applications. For more information visit http://www.hologic.com/.
About iCAD, Inc.
iCAD engineers, develops, manufactures and markets computer aided detection (CAD) products for the early detection of breast cancer and other health-care related applications. iCAD is the only independent, integrated digitizer hardware and CAD software company offering computer aided detection solutions. As such, iCAD is able to reduce costs at each step in the CAD product design, production and assembly process. The Company believes its vertical integration of CAD and hardware development results in better integration of software and film digitizer components, lower production costs and reduced administrative overhead. These achievements have allowed iCAD to progressively enhance its CAD product line, while reducing the costs of CAD to many customers and allowing more women to realize the benefits inherent in the early detection of breast cancer. More information on iCAD's products can be found at http://www.icadmed.com/.
Forward Looking Disclaimer
This Press Release contains forward-looking information, including but not limited to statements involving Hologic's and iCAD's plans, expectations and intentions concerning their private label distribution agreement and the performance of the products contemplated by that alliance. Actual results may be materially different than those anticipated in these forward looking statements. Factors which could cause material differences to these forward looking statements include known and unknown risks, including without limitation, those set forth below. Strategic alliances involve numerous risks, including difficulties associated with cooperation and conflicts of interest among the parties. In addition, the technologies and planned business of the alliance are subject to the significant risks and uncertainties generally applicable to high technology companies, including the uncertainty of new product development, including the risk that newly introduced products may contain undetected errors or defects or otherwise not perform as anticipated, budget overruns, project delays, the early stage of development of the targeted markets, uncertainty of market growth, rapid technological change and intense competition, as well as other risks set forth in the companies' filings with the Securities and Exchange Commission. Hologic and iCAD caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Hologic and iCAD expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based.
Contact: Glenn P. Muir Frances Crecco Executive Vice President & CFO Director, Investor Relations Hologic, Inc. Hologic, Inc. (781) 999-7300 (781) 999-7377 Kevin McGrath Cameron Associates for iCAD (212) 245-4577 [email protected]
SOURCE: Hologic, Inc.
CONTACT: Glenn P. Muir, Executive Vice President and CFO, +1-781-999-
7300; or Frances Crecco, Director, Investor Relations, +1-781-999-7377 both of
Hologic, Inc.; Kevin McGrath of Cameron Associates for iCAD, +1-212-245-4577,